True Fruits MICC Case Competition

W17689
TRUE FRUITS: A JUICED-UP INTERNATIONALIZATION STRATEGY
Professor Marc Fetscherin and Patrick Sell wrote this case solely to provide material for class discussion. The authors do not intend
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Copyright © 2017, Richard Ivey School of Business Foundation Version: 2018-03-22
Marco Knauf was driving back on the Autobahn from his ski trip in Switzerland. It was a late and snowy
Sunday in March 2017. Skiing in Switzerland had shown him the interest of customers in health and lifestyle
products. While in Switzerland, Knauf had visited some of the stores that had just begun selling the products
of his company, True Fruits. While talking to the store managers, he learned that sales of True Fruits’products
had grown over 75 per cent. This assured Knauf that the company’s products were in great demand.
Caught by an idea to increase sales in other countries, Knauf had texted his good friends and co-founders,
Nicolas Lecloux and Inga Koster, about his idea. The following morning, the three agreed that Knauf would
prepare a presentation for the next board meeting, outlining their internationalization strategy for the next
few years by identifying major European markets to enter. Despite being a mid-size German company and
already having a presence in three European countries, Knauf faced the challenge of coming up with a
sound international expansion plan to exploit growth opportunities.
COMPANY BACKGROUND
True Fruits was founded on June 26, 2006, in Bonn, Germany. The three founders, Koster, Knauf, and
Lecloux, had successfully competed in an innovation competition that attracted investors and enabled the
launch of their first four smoothie products. The idea to produce smoothies had been generated during a
semester abroad in Scotland. Between nights out, rainy trips to the Highlands, and convoluted lectures, they
discovered smoothies at local supermarkets. At that time, smoothies did not exist in Germany. The
founders’ launch of four different smoothie flavours in November 2006 made them the first German
smoothie producer (see Exhibit 1 for company logo). Their products were first available at cafés, bars,
gyms, and the Petit Bistro shop from Aral (a German gas station).
True Fruits’ sales were approximately US$40 million1
in 2016, and they employed 25 employees at their
headquarters in Bonn. Knauf was managing director of sales and chief executive officer; Koster was chief
financial officer and responsible for product development; and Lecloux was chief marketing officer.
1
All currency amounts are in US$ unless otherwise specified.
This document is authorized for use only by Sean O'connell (SEANOCON@USC.EDU). Copying or posting is an infringement of copyright. Please contact
customerservice@harvardbusiness.org or 800-988-0886 for additional copies.

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Although Knauf was chief executive officer in name, all three founders shared those tasks. Even though the
founders held the major positions, True Fruits had a very flat hierarchy.
THE MARKETING SECRET
True Fruits’marketing department was innovative when it came to attracting customers’attention. In 2012, True
Fruits successfully launched an initiative to refurbish used bottles, and applied creative ideas for this through an
online competition called Upcycling. Two years later, the company took the initiative a step further by
developing stainless steel bottle toppers. These could be used for a variety of storage options (see Exhibit 2).
True Fruits offered limited editions of bottle designs for special occasions and thereby tried to incorporate
new marketing strategies with tested products. Limited editions were launched in 2010 with the “düstere
Burlesque-Flasche” (gloomy burlesque bottle), and the “Strenesse” (named after a local fashion brand) in
2011. One year later, a special edition was launched for the company’s fifth anniversary: a bottle showing
the company’s history. In 2013, True Fruits launched the first limited edition to come as a double; Limited
no. 4.1 and 4.2 were designed by Mago Dovjenko, a young designer from Cologne. In the same year, True
Fruits designed another limited edition—the measuring jug for the 750-millilitre (ml) bottle. True Fruits
waited two years before releasing another limited edition, the black edition. The Indian design no. 7
introduced the curcuma root. In 2016, True Fruits celebrated its 10th birthday with another limited edition,
a bottle painted in gold. The latest limited edition, the camouflage, was launched in April 2017—the first
time True Fruits had produced a limited edition for a green smoothie.
True Fruits’ philosophy suggested the use of catch phrases instead of “standard” labelling in order to attract
customers’ attention, engage them, and create for them an entirely new experience. In 2016, True Fruits
encountered some criticism for a billboard campaign introducing its new seed juices, owing to ambiguous
content potentially suggesting something improper. Two cities (Munich and Stuttgart) prohibited the use of
particular billboards. However, True Fruits simply replaced Stuttgart with another city that allowed the
billboard campaign. Because Munich was one of the biggest cities in Germany, the company did not want to
renounce its billboards there. True Fruits printed the censored text on their billboards and hung these censored
posters all over Munich. Overall, approximately 50 million people—more than 60 per cent of Germany’s
population—were reached during the 10-day period by 4,000 billboards.2
The campaign was not only
supported through social media, but also enforced through active public relations efforts (see Exhibit 3).
INTERNATIONAL PRESENCE
By the end of 2016, True Fruits was the market leader for smoothies in Germany. Premium grocery stores
and high-end restaurants in Austria and Switzerland distributed and sold True Fruits’ smoothies; however,
those two countries together accounted for only about 3 per cent of total revenues (see Exhibit 4). Austria
was considered a very favourable market, as the consumption of smoothies had doubled there in the past
four years.3
2
“Bei Samenstau schütteln: ‘Für ihre Chiasamen-Saft-Kampagne setzen die “Einhornkotze’-Experten von True Fruits auf
anzügliche Sprüche,” [Shake in case of seminal congestion: The unicornvomit-experts of True Fruits are using raunchy
patterns for their chia seeds campaign] Meedia Redaktion, August 29, 2016, accessed October 4, 2017,
http://meedia.de/2016/08/29/bei-samenstau-schuetteln-fuer-ihre-chiasamen-saft-kampagne-setzen-die-einhornkotze-
experten-von-true-fruits-auf-anzuegliche-sprueche.
3
“Consumption of Smoothies in Austria from 2008 to 2016 (in Million Liters),” Statista, accessed October 4, 2017,
www.statista.com/statistics/425627/consumption-of-smoothies-austria.

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Corporate Strategy
True Fruits’ mission had always been to make healthy living a style of life rather than an obligation. The
three founders had built their brand from the perspective of consumers, combining the best ingredients with
the best packaging. Therefore, they used glass bottles for sustainability and differentiation, and printed
directly on the glass bottle to avoid paper labelling. The company had decided to use glass as its packaging
material because it was dense, safe, and neutral in taste, and it maintained the colour and stability of the
product. Furthermore, glass had proven to increase the perceived value, and it was recognized as a premium
product, making it a favourable packaging material—though it was also costlier.
True Fruits emphasized simplicity, quality, and purity of ingredients for all of its smoothie products. In fact,
its glass bottles were filled with 100 per cent natural ingredients. Even though the glass bottles were
completely recyclable, upcycling, as previously described, was still used for creative ideas.
True Fruits extended its offering to include nine different smoothies, named according to their colour:
yellow, purple, orange, pink, white, green smoothie no. 1, green smoothie no. 2, white smoothie strawberry,
and white smoothie matcha. It also offered two chia seed juices: chia yellow and chia red. The green
smoothies were made out of vegetables and supplemented by green plants and fruits; the white smoothies
were made out of fruits and nuts (see Exhibit 5). Some of the company’s products were available in 250
millilitre (ml) (8.5 ounces) and 750 ml (25.4 ounces) sizes. The price for a 250 ml smoothie was $2.80, and
the price for a 750 ml smoothie was $4.50.
The company used a selective distribution strategy by selling to retailers who represented themselves as “high
end” to their customers, indicating these retailers strove for the pull effect, which was in line with True Fruits’
mission and vision. True Fruits’ consumers were quality conscious, healthy, lifestyle-oriented people who
were willing to pay a premium for a high-end product. Its target segment could be further characterized as
being assertive in terms of the design—both optic and haptic—of the products they purchased, as well as
having a consciousness of the importance of purchasing a healthy and sustainable product.
True Fruits’ statement “true fruits—no tricks” was a common theme the company applied to all of its
activities. This included its minimalistic product design, and its honest, direct communication. These related
to the company’s goal to produce a premium product in terms of a selection of high-quality ingredients, the
product itself, and corporate design. The founders’ opinion was that the product labels would most likely
be boring, which was why the company decided to print amusing and provocative phrases on the glass
bottles. This became part of its marketing strategy. Exclusive ingredients rarely sold in Germany, such as
acerola, pitaya, cupuaçu, and goji berry, justified the product’s high price.
True Fruits chose only the best quality ingredients, which were picked from the tree or shrub when they
were ripe. The ingredients were mashed, packaged aseptically, and shock-frosted in order to preserve all of
their vitamins and minerals. Further, True Fruits developed and implemented a gentle production method,
“flash pasteurization,” through which the smoothie ingredients were heated for a very short period, giving
the product its distinct taste. True Fruits received multiple national awards for this process, including the
Bundesehrenpreis für Fruchtgetränke (a federal award for fruit juices)4
in 2008, and the Land der Ideen
Auszeichnung (Country of Ideas Award) in 2011.
Because True Fruits consistently offered a premium product, its marketing approach was connected to its
mission of making healthy food part of a lifestyle, which was translated through its product offering. Its
4
Percy Bongers, “Nur das Beste in der Flasche [Only the best in the bottle],” besserhaushalten, January 2017, accessed
October 4, 2017, www.besserhaushalten.news/essen-leben/gourmet-genuss/true-fruits-100-frucht-no-tricks.html.

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communication channels suggested a minimalistic, functional product design, which included an honest
and transparent sales approach. Therefore, corporate design was an essential element supporting the brand’s
image. The company’s four major communication channels were social media, public relations, bottle
labelling, and its website.
GLOBAL SMOOTHIE INDUSTRY
Industry Overview
Taking the United States as an example, the juice industry consisted of the following main market segments:
orange juice, the largest market segment with 52.2 per cent; fruit drinks and blended smoothies (33.8 per cent);
lemonade (8.2 per cent); vegetable juice (1.2 per cent); and other juices such as apple, tomato, and pineapple
(4.6 per cent). In contrast to juice production, mostly the entire fruit, including shell and seeds, was used in
the production process for smoothies, so that all of the minerals and vitamins ended up in the smoothie.
The world market for smoothies was estimated to be around $9 billion in 2015,5
and was projected to grow
to $15.8 billion in 2022.6
The largest smoothie market in the world was the United States, which had grown
by 2.8 per cent between 2011 and 2016 to $2.3 billion in revenue.7
The continuous growth was ascribed to
factors such as the health consciousness of consumers, convenience, taste, and portability. The
demographics for smoothie consumption tended to show a long-term perspective, with 18–24 year-olds
composing the largest group (26.1 per cent), and people aged 55 and over representing the smallest group
(3.6 per cent) (see Exhibit 6).8
The major distribution channels for smoothies and fruit juices were grocery
stores and supermarkets (41 per cent), convenience stores and gas stations (21 per cent), warehouses and
superstores (18.5 per cent), vending machines (8.5 per cent), and others (11 per cent).9
Determining Demand Factors
The demand for smoothies depended on consumer preferences, and on per capita disposable income
because this determined the consumer’s ability to make discretionary purchases such as smoothies. Overall
smoothie consumption was expected to grow around 2 per cent between 2016 and 2020, according to an
IBISWorld Industry Report.10
A consumer trend towards increased health consciousness was indicated by such measures as an increase
in the healthy eating index. Another factor determining demand for smoothies was geographic region. The
report suggested that more smoothies were consumed in places with favourable climatic conditions such as
higher temperature, proximity to the sea or to a lake, and average sunshine duration.
5
“Global Smoothies Market to Reach $9.0 Billion by 2015, According to New Report by Global Industry Analysts, Inc.,” prweb, April
5, 2010, accessed October 4, 2017, www.prweb.com/releases/smoothies_market/frozen_mix_smoothie/prweb3808804.htm.
6
Global Industry Analysts, Inc., “Evergreen Consumer Preference for Nutrient Loaded Blended Juices Sustains the Undying Popularity of
Smoothies,” strategy.com,August 2016, accessed October 4, 2017, www.strategyr.com/MarketResearch/Smoothies_Market_Trends.asp.
7
Andrew Alvarez, “Juice & Smoothie Bars: Market Research Report,” IBISWorld, September 2016, accessed October 4, 2017,
www.ibisworld.com/industry-trends/specialized-market-research-reports/consumer-goods-services/food-service-drinking-
places/juice-smoothie-bars.html.
8
“How Big is the Smoothie Industry?,” Planet Smoothie, accessed March 2017, http://planetsmoothiefranchise.com/learn-
planet-smoothie/big-smoothie-industry.
9
Andrew Alvarez, op. cit.
10
Alvarez, op. cit.

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Next to that, the day of the week also played a major role in determining smoothie demand. According to
market research company Vivonet,11
the majority of smoothies in North America were consumed on
Fridays (17.5 per cent), followed by Thursdays (15.2 per cent) and Saturdays (14.8 per cent). Sunday tended
to be the day when smoothies were consumed the least (11.2 per cent). The overall trend was that smoothie
sales increased every day from Monday until Friday. Smoothie chains could use this knowledge to their
advantage by implementing menu placements and promotions on certain days.
Market research showed that strawberry was the most popular smoothie ingredient among consumers, with
21 per cent of the ingredients used, followed by acai berry (see Exhibit 7). In contrast, the five least
favourable ingredients were guava, papaya, marion berry, passion fruit, and lemon.
The most important driver for demand of smoothies was their price. The high price sensitivity of smoothie
customers created the risk that they would quickly switch to substitutes. Further, it was possible that a
limited and repetitive product choice might decrease smoothie consumption. It was therefore crucial for
companies within the industry to maintain a high quality of ingredients and thereby differentiate from other
companies—evidence of the demanding challenges smoothie producers faced with consumers’
continuously changing preferences.
Concentration of the Industry
The industry showed an increase in the consumption of smoothies since 2007. Globally, the industry was
projected to grow at a compounded annual growth rate (CAGR) of 7.1 per cent until 2020.12
In 2016, the
United States represented the biggest market of the global smoothie market, in terms of sales and revenue.
Asia-Pacific was expected to grow by a CAGR of 9.1 per cent until 2022.13
This was attributed to a growth
in the middle class, the Westernization of food consumption, and growing health consciousness stemming
from rising levels of obesity. The consumption of fruit juice was regarded as an effective way to lose weight.
Because fruit juices were favoured in warmer climatic conditions, countries in Asia with a close proximity
to the equator were projected to incur significant increases in the consumption of fruit juice in the years
following 2016. When applying the climatic concept to the United States, the smoothie industry would be
concentrated mainly in the southeast and the southwest. With daily weather volatility, the climate made the
industry highly seasonal. In general, a warmer environment fostered the sale of smoothies. California,
Florida, and Texas were the top three regions in terms of number of smoothie industry locations in the
United States, with 20.1 per cent, 16.1 per cent, and 10.4 per cent of locations, respectively. In Europe,
southern countries featured the ideal climatic conditions; however, as mentioned, climate was not the only
factor determining smoothie consumption.
Competition
The existence of thousands of smoothie companies globally was due to low capital intensity in the industry,
which decreased switching costs for consumers. Among the largest players were Barfresh Food Group,
Bolthouse Farms, Boost Juice Bars, Crush Juice Bars, Freshens, Innocent, Jamba Juice, and Smoothie King.
11
Richard Lazazzera, “Infographic: The Most Popular Smoothie in North America,” Vivonet, October 3, 2012, accessed
October 4, 2017, www.vivonet.com/blog/bid/159764/infographic-the-most-popular-smoothie-in-north-america.
12
Laura Wood, “Global Smoothies Market Growth of 7.1% CAGR by 2020—Analysis, Technologies & Forecasts Report 2016–
2020—Key Vendors: Bolthouse Farms, Innocent Drinks, Suja Juice—Research and Markets,” Business Wire, July 5, 2016, accessed
October 4, 2017, www.businesswire.com/news/home/20160705005722/en/Global-Smoothies-Market-Growth-7.1-CAGR-2020.
13
Global Industry Analysts, op. cit.

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For example, in the U.S. market, the two major players, Jamba Juice (23.6 per cent market share) and
Smoothie King (10.3 per cent market share), made up roughly one-third of the U.S. smoothie industry.14
Jamba Juice was the only publicly traded corporation within the industry. The corporation had over 800
locations worldwide, most of which were franchises. The firm operated two types of stores in the United
States: traditional stores, which were located in major urban centres, and non-traditional stores, which were
based within another business or institution. On the other hand, Smoothie King had a more international
presence, with 100 locations outside the United States, in addition to the 700 stores it had within the United
States. The company intended to expand mainly into developing countries within Asia, with the intention
of using the growth of these nations to the company’s advantage. The third-largest company was Maui
Wowi Hawaiian Coffees & Smoothies, with an estimated 3.2 per cent market share, followed by Robeks,
with an estimated market share of 1.6 per cent. The remaining 61.3 per cent of the market was shared by
smaller players, which suggested a low market concentration.15
The majority of smoothie stores were independently owned in a local geographic market. Therefore, a key
to success for smoothie companies was ease of access for the customer. Highly populated areas had the
greatest number of customers, as well as the greatest number of new stores, owing to new trends in healthy
lifestyles, such as eating organic foods. For a company with limited resources for its own franchise,
becoming a franchisee suggested a relatively low risk and was an easy option to enter markets. Lastly,
efficient inventory management was a factor in helping a smoothie bar stock supplies properly and thereby
maximize its margins and revenue. Longevity and loyalty were competitive advantages for the big
companies; however, these values did not have an impact on the competition between local players.
Customers were willing to pay higher prices for premium products.
Cost structures varied widely among industry players, depending on the number of locations they had, their
ownership structure, and the number of customers the business location attracted. In general, firms with
regular clients tended to be more profitable. A typical cost breakdown was 38.8 per cent—costs of goods
sold; 23.1 per cent—wages; 12.5 per cent—rent and utilities; and 19 per cent—other costs, including
marketing expenses, depreciation, and insurance costs, leaving an estimated 6.6 per cent earnings before
interest and taxes.16
Noteworthy was the fluctuation of fruit and vegetables prices, which could not be
passed on to the consumer, and waste generated as a result of inefficient inventory management. It was,
therefore, essential for companies to monitor their menus and other food inputs continuously. Developments
in technology enhanced communication with suppliers and enabled greater efficiency in supply chain
management. In contrast to the fluctuation in prices for ingredients, prices for packaging materials were
constant; there were a large number of suppliers and they produced very similar products.
The increase in global demand for fresh fruits and vegetables raised smoothie producers’ prices, but they
managed to slightly increase their margins between 2011 and 2016 by about 6.6 per cent.17
Nevertheless,
consumers were likely to substitute the high-cost product for low-cost drinks, or make their own smoothies
when the price increased too much. An increase in external competition—from retailers and coffee shops,
for example—added a tremendous threat of new entrants to the smoothie industry. Not only did cold-
pressed juices become more popular because of their longer shelf lives, but Starbucks Corporation also
entered the market, beginning with its acquisition of Evolution Fresh for $30 million in 2011.18
14
Andrew Alvarez, “Juice & Smoothie Bars: Market Research Report,” IBISWorld, September 2016, accessed October 4,
2017, www.ibisworld.com/industry-trends/specialized-market-research-reports/consumer-goods-services/food-service-
drinking-places/juice-smoothie-bars.html.
15
Ibid.
16
Ibid.
17
Ibid.
18
Andrew Alvarez, op. cit.

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Globally, franchising had been the major source of expansion for leading smoothie companies. A
company’s networks provided special assistance based on the franchisee’s location; for example, stores
located in close proximity to fitness centres could adapt their products by adding healthy options containing
protein supplements. This made it easier for companies to expand into new venues such as grocery stores,
colleges, airports, and many other locations. Local stores were expected to face increased competition from
major players in the smoothie industry due to the latter’s supply chain advantages in minimizing costs.
Future Trends
Industry analysis suggested that juices and smoothies with high sugar content would become less favourable
to consumers. For example, orange juice and lemonade had seen decreases in consumption in recent years
due to consumers’ increased health consciousness and awareness of childhood obesity. Companies
producing exotic drinks and smoothies benefited from this, and it sparked a new subcategory, namely cold-
pressed juice. This niche segment used technology that yielded a higher nutritional content without the
addition of any supplemental products. Because a higher quality of fruit was needed for cold-pressed juice,
the demand was expected to lead to an increase in the price of fruits in the next few years.
Non-genetically modified organisms, high-fibre, and organic smoothies had increased in popularity during
recent years and were projected to continue doing so in the future.19
Smoothie industry projections could
be taken even a step further: green juices were being used as a meal replacement and for cleansing diets,
and it was expected that many smoothie producers would capitalize on this trend in developed markets,
offering smoothie bowls as a substitute for ice cream or breakfast cereals. This trend could potentially open
an entirely new market, and it had shown tremendous future expansion potential.
WHERE TO GO NEXT
Against this background, Knauf, Koster, and Lecloux moved forward with their plans for international
expansion and hired Daniel Aminati Bilzerian, a young and enthusiastic strategic manager, in the second
quarter of 2017. Bilzerian was placed in charge of international expansion under the supervision of Lecloux.
Due to increasing competition and rising fruit prices in Germany, Bilzerian’s task was to conduct an
analysis for growing True Fruits internationally, which he was asked to prepare for the next board meeting.
Of a short list of 32 potential markets, he had to identify the top three countries where the company should
expand next (see Exhibit 8). Using the correct factors to identify these countries was critical, but Bilzerian
had to consider another question: Was direct exporting the most efficient international mode of entry for
True Fruits, or should the company consider using other methods such as licensing, franchising, joint
ventures, or company-owned stores in certain markets?
19
Global Industry Analysts, op. cit.

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EXHIBIT 1: COMPANY LOGO
Source: Company documents.
EXHIBIT 2: UPCYCLING EXAMPLES

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EXHIBIT 3: TRUE FRUITS BILLBOARD CAMPAIGN
English translation: “Oral consumption- you won’t get a faster semen pleasure”
EXHIBIT 4: TRUE FRUITS INTERNATIONALIZATION
Country Year Revenue Generated (%)
Germany
Austria
Switzerland
Total
2006
2008
2016
97
2
1
100

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EXHIBIT 5: PRODUCT LINE EXAMPLES WITH INGREDIENTS
True Fruits Smoothie Yellow, 250 ml
3/4 squeezed orange
2/3 squeezed apple
3/5 pureed banana
1/3 pureed mango
1 2/3 pureed maracuja
True Fruits Smoothie Purple, 250 ml
1 squeezed apple
1/2 pureed banana
9 pureed raspberries
19 pureed blueberries
7 pureed blackberries
20 pureed red currants
26 pureed black currants
True Fruits Smoothie Orange, 250 ml
1 1/2 squeezed apple
18 pureed acerolas
2/5 pureed banana
1/5 pureed mango
7 squeezed goji berries
1 dash yuzu
1 pureed slice of curcuma
Note: ml = millilitres
EXHIBIT 6: DEMOGRAPHIC FOR SMOOTHIE CONSUMPTION (AGE/MARKET SHARE)
Total Smoothie
Age Group in Years
Consumption (%)
<18 13.00
18–24 26.10
25–34 25.60
35–44 19.40
45–54 12.60
>55 3.60
Source: “How Big is the Smoothie Industry?,” Planet Smoothie, accessed October 4, 2017, http://planetsmoothiefranchise.com/learn-
planet-smoothie/big-smoothie-industry.

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EXHIBIT 7: FAVOURED SMOOTHIE INGREDIENTS IN NORTH AMERICA
Ingredient Favoured (%)
Strawberry 21
Acai berry 12
Tropical fruit 11
Mango 10
Mixed berry 9
Banana 9
Orange 6
Cranberry 5
Pomegranate 4
Matcha green tea 4
Source: Richard Lazazzera, “Infographic: The Most Popular Smoothie in North America,” Vivonet, October 3, 2012, accessed
October 4, 2017, www.vivonet.com/blog/bid/159764/infographic-the-most-popular-smoothie-in-north-america.

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016)TABLE(2DATAMARKET8:EXHIBIT
Country
Easeof
Doing
Business
Ranking
GDPper
Capita
(in$)
GDP
(in$
billions)
Consumer
Expenditureon
Fruitsper
Capita(in$)
ConsumerExpenditure
onFruitandVegetable
JuicesperCapita
(in$)
Disposable
Incomeper
Capita(in$)
Total
Population
(in‘000)
Urban
Population
(in‘000)
Belarus375,013.504861.908.002,987.709,487.507,379.30
Belgium4241,348.90466194.80180.5023,115.6011,267.9011,030.80
Bosnia-
Herzegovina
814,281.001684.7080.803,554.503,816.202,004.70
Bulgaria397,285.605246.0086.704,126.507,153.805,227.20
Croatia4312,004.4050137.7089.307,658.304,190.702,484.70
CzechRepublic2718,342.10194135.0089.109,481.9010,553.207,727.30
Denmark353,838.50306157.60180.3025,780.705,687.605,004.70
Estonia1218,136.0023121.30106.209,888.901,267.70888.60
Finland1343,124.90237280.50194.1024,565.205,487.304,629.00
France2938,137.802,460172.30165.0023,658.2064,496.2056,988.90
Georgia163,810.901423.3014.302,643.903,720.402,148.10
Greece6118,080.50195174.9090.7012,523.2010,793.508,454.00
Hungary4112,673.5012569.40105.106,566.209,830.506,929.80
Italy5030,406.701,854227.20126.7019,709.6060,986.8042,556.50
Latvia1413,917.5027126.1079.608,332.601,969.001,339.70
Lithuania2114,766.0043149.8088.809,387.302,888.601,943.20
Macedonia105,225.001155.6081.903,523.402,067.901,240.90
Montenegro516,888.10464.8039.004,631.50617.20409.70
Netherlands2845,402.20771151.40128.8021,618.0016,978.0014,422.80
Norway670,294.40367244.00379.8034,640.405,214.004,209.30
Poland2412,228.7047057.0066.207,144.6038,437.2023,166.40
Portugal2519,755.90204182.8062.9013,240.5010,341.306,619.50
Romania369,469.8018790.3076.905,482.5019,774.9010,683.60

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EXHIBIT8(CONTINUED)
Country
Easeof
Doing
Business
Ranking
GDPperCapita
(in$)
GDP(in$
billions)
Consumer
Expenditureon
Fruitsper
Capita(in$)
Consumer
Expenditureon
Fruitand
VegetableJuices
perCapita(in$)
Disposable
Incomeper
Capita
(in$)
Total
Population
(in‘000)
Urban
Population
(in‘000)
Russia408,627.001,244116.2080.204,778.90144,218.20107,290.30
Serbia475,328.103851.9069.103,794.107,074.104,112.00
Slovakia3316,514.209083.1072.909,532.905,423.202,944.00
Slovenia3021,294.7044126.60103.2012,761.702,064.301,029.20
Spain3226,578.501,233170.10117.1016,474.0046,374.4036,251.20
Sweden951,833.80511210.60197.7025,055.809,851.008,468.30
Turkey6910,617.80834164.9085.706,806.0078,505.1056,806.50
Ukraine802,032.509132.5029.001,566.0044,934.1030,956.00
United
Kingdom
739,988.102,615173.30171.3025,467.1065,382.6052,495.00
Note:GDP=grossdomesticproduct.
Source:EuromonitorInternational,“CountriesOrderedAtoZ,”Passport,accessedMarch4,2017.

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